Huntington National Bank Leads Nation for SBA 7(a) Loan Origination by Volume, For Fifth Consecutive Year
Huntington Bank infused nearly $1 billon into the economy by supporting 5,675 small businesses in the last year
|Analysts: Tim Sedabres
|Media: Allison Gabrys
COLUMBUS, Ohio -- October 6, 2022 -- Huntington Bancshares Incorporated (Nasdaq: HBAN) is the nation's largest originator, by volume, of Small Business Administration (SBA) 7(a) loans for the fifth consecutive year. As a national leader in the Small Business sector, Huntington remains committed to lending both expertise and capital to sustain small businesses across the country.
“Small businesses are the backbone of our communities. When they succeed, we all succeed,” said Brant Standridge, President of the Consumer and Business Bank at Huntington. "Huntington is proud to serve small businesses by helping them achieve their goals. Our work is driven by Huntington’s commitment to help communities thrive through much needed access to capital and supporting our customers through every stage of their business lifecycle. To be a continued leader in SBA lending is a distinct honor for us.”
Huntington offers a suite of loan services designed to help small businesses gain access to the capital they need to open, acquire, or expand, including 7(a) loans, SBA express loans, and 504 loans. In 2020, the bank launched a Lift Local Business program designed to create more opportunities for woman-, veteran-, and minority-owned businesses. The program offers loans, business planning support, free financial education courses delivered through Operation HOPE, and other services to help small business owners achieve their goals. Since launching, Huntington’s Lift Local Business program has provided funding to more than 500 minority-, woman-, and veteran-owned small businesses -- 997 business owners have registered for Operation HOPE courses.
“The ability to partner with Huntington on the Lift Local Business program continues to increase the number of small businesses who are application ready without creating unnecessary time and expense for the small business owner,” said John Hope Bryant, Founder, Chair, and CEO of Operation HOPE. “We’re so thankful Huntington has dedicated themselves to helping small businesses across the country.”
The number of businesses Huntington helped through SBA lending in each traditional footprint state through the 2022 fiscal year1 includes:
Huntington is the top lender by volume in eight states, including Ohio, Michigan, Illinois, Indiana, Pennsylvania, Kentucky, West Virginia, and even Colorado, after entering the market for SBA loans this year.
By committing resources to extend access to capital across expanded states, and through sustained national leadership, Huntington continues to expand leadership in support of underserved small businesses. The SBA 7(a) lending program provides government backing, enabling small business lenders to extend credit to business owners who are not able to access conventional bank financing.
"A wide range of businesses can benefit from SBA loans, and we are eager to use our expertise to support these customers across the country,” said Maggie Ference, SBA Lending Director for Huntington. "We are especially proud to partner with small businesses to ensure equitable access to capital. Our continued success is a credit to our colleagues."
In 2021, Huntington announced a new strategy to tackle social, racial, environmental, and economic inequities across its footprint by committing $40 billion toward a Community Plan. This includes expanding its lending programs across the footprint and committing $10 billion over five years to small business lending, of which $2 billion will focus on majority minority census tracts and $100 million to the Lift Local Business Program for women-, minority-, and veteran- owned businesses. Through Lift Local, Huntington has also held nearly a dozen Seeds for Growth events in communities throughout its footprint. These largescale training and community-building events are aimed at maximizing training and networking opportunities for under-resourced small business owners.
For more information, visit: www.huntington.com/SmallBusiness/loans/sba-guarantee-business-loans
Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $179 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle-market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates more than 1,000 branches in 11 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.
1 Fiscal year is Oct. 1, 2021-Sept. 30, 2022.